Location: Clayton CountyLess than a mile from public transit2 miles from Elementary, Middle, and High School Reason for selling: Seller is motivated because her husband passedBought the house in 2002 refinanced in 2009Remaining Balance on Loan $112 Monthly Mortgage is $977House 2100 sq Comps in the area 95k Seller has 5 other rental properties she wants to continue to maintain.

🚨Location: Clayton CountyLess than a mile from public transit2 miles from Elementary, Middle, and High School Reason for selling: Seller is motivated because her husband passedBought the house in 2002 refinanced in 2009Remaining Balance on Loan $112 Monthly Mortgage is $977House 2100 sq Comps in the area 95kSeller has 5 other rental properties she wants to continue to maintain.

If you cash out enough to pay off entire investment property your balance is estimated $360,000 @ 3.4%.Estimated P&I = $1600/MO FIXED!

Also, that criteria will miss some people that actually do have equity - the most common case being people having unused home equity credit lines (HELOC), as the computer model has no idea what the current balance is, and many are zero, but the computer models assume the worst case that the credit line is maxed.Hope that helps.

I was hoping to do a BRRR but finding something cheap enough in a decent location is proving difficult. 

Cashflow: -$55 CashOnCash Return: -1% DSCR: .98 (Difficult for a bank to loan on this)Offer 2 – This offer shows what an offer would look like if he went to market with bids based on NOI/Cap.

They're balancing the FICO risk with a lower LTV.

It is very difficult to attract a money investor until you have a proven track record of successful investing.

You're giving her $23,000 up front plus another $6000 a year.After 10 years of a 30 year mortgage you will have reduced the balance from $256,500 to about $210,000. 

It was difficult to get started (lots of hoops to jump through signing up and getting approved).